Clean energy drives massive BHP takeover bid
A ready conductor of heat and electricity, copper has long been used in wiring, piping, industrial machinery and roofing.
A ready conductor of heat and electricity, copper has long been used in wiring, piping, industrial machinery and roofing.
The base metal is in the spotlight after mining giant BHP launched Thursday a $38.8-billion takeover bid for British rival Anglo American, in an audacious move to create the world's biggest listed copper producer.
BHP confirmed in a statement to the London Stock Exchange it interested in Anglo American's "world class copper assets", which include operations in Peru and Chile.
The mining industry is largely at an inflection point insofar it knows its raw materials are the building blocks of the move from fossil fuels to clean energy, but it can't seem to convince the rest of world that this is the case.
The global miner said a de-merger and listing on the Johannesburg Stock Exchange was the most likely route for its South African thermal coal assets.
The London-listed miner also lowered output of platinum and diamonds in South Africa, extended a slowdown in construction at its Quellaveco copper project in Peru and paused work in its Woodsmith polyhalite project in Britain
Atlas will invest 881 million reais ($190 million) in a solar farm in Minas Gerais state to cover the contract
The decision will help bring more competition in a sector dominated by the government for decades
The company has suspended operations at its Moranbah North coking coal mine in Australia after one worker died and several were injured
Agarwal’s holding firm, Volcan Investments, had bought a structured product last year, giving him an option to buy up to 21% in Anglo American for about $6 bn by end of next year.
Agarwal, who worked his way up from being a scrap-metal dealer to a prominent business tycoons, plans to set up this fund to finance new ventures in the natural resources space.